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U.S. Exempts Citizens from Corporate Transparency Act Reporting

3/26/2025

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Summary

Story summary

The U.S. Treasury Department's new interim rule, effective March 21, 2025, exempts domestic companies and citizens from reporting beneficial ownership under the Corporate Transparency Act. This move significantly narrows the act's reach, primarily targeting foreign firms and potentially jeopardizing efforts to combat illicit finance. Legal battles may soon follow this controversial decision.

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Story summary

The U.S. Treasury Department's new interim rule, effective March 21, 2025, exempts domestic companies and citizens from reporting beneficial ownership under the Corporate Transparency Act. This move significantly narrows the act's reach, primarily targeting foreign firms and potentially jeopardizing efforts to combat illicit finance. Legal battles may soon follow this controversial decision.